Tax reporting documents
While you may be anxious to get your taxes done, you can avoid filing amended returns by assuring you have all final tax documents to provide to your tax preparer.
Most 1099 tax forms will be available between January 27th and February 16th.
If you have an account with National Financial Services, please be aware of the following timelines for receiving your tax documents.
Some securities companies may not deliver National Financial Services with final tax information by the first mailing date. In this case, you will not receive a 1099 until the final information is available. A preliminary tax statement will be available online only. This will not be reported to the IRS and cannot be used for filing purposes.
All 1099s will be available online and mailed no later than March 8th.
If you have signed up to receive electronic documents, you can access the tax documents through your Wealthscape access. If you signed up to receive tax documents electronically only, you will not receive them in the mail.
Qualified Charitable Distributions (QCD)
If you made a qualified charitable distribution from your IRA during 2018, please let your tax preparer know. Your 1099R form should indicate that the taxable amount is undetermined by a checked box in 2b “Taxable amount not determined.”
You will also need to provide documentation from the charity that your donation was received. This should not count as income for tax purposes and should not be an itemized deduction.
Consult your tax advisor for further information regarding the preparation of your taxes. If you have questions regarding the delivery of your tax documents, please contact our office at 801-355-8888.